Increase in port charges to effect iron ore imports prices

May 28, 2008

May 28 (Steel Prices India) – It is reported that some of the Chinese ports have lifted up the charges for iron ore inventory by several times following issued by National Development & Reform Committee to clear record high ore stock at the ports.

The report added that due to poor market transactions, Fe 63.5% Indian ore fine dips by CNY 20 per tonne to CNY 1450 per tonne and Fe 63% Hamersley ore lump down by CNY 20 per tonne to CNY 1500 per tonne.

Meanwhile, domestic ore concentrate market is in chaos in North China last week. However, the concentrate price is expected to increase in central south and South China as flood period draws near.

Steel mills in Hebei and Shanxi have started to lower purchase price for ore concentrate in light of weakening spot ore imports price. Steelmakers in Tangshan have taken the lead with Tanggang cut its purchase price by CNY 30 per tonne to CNY 1670 per tonne last week.